We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
Royal Decree 48/76 regarding the Signing of Foreign and Domestic Financial Transactions and its amendments,
and Royal Decree 1/80 Establishing the State General Reserve Fund and its amendments,
and in pursuance of public interest,
have decreed as follows
Article I
The phrase “Financial Affairs Council” is hereby replaced with the phrase “Financial Affairs and Energy Resources Council” wherever it occurs in the mentioned Royal Decree 1/80.
Article II
The text of article III of the mentioned Royal Decree 1/80 is hereby replaced with the following text:
The fund must be directly subordinate to the Ministry of Finance, which shall supervise the implementation of the policies and decisions issued by the Financial Affairs and Energy Resources Council regarding the investment or disbursement of the property of the fund.
The Ministry of Finance shall submit to the council a detailed periodic report explaining the financial position of the Fund and the account of its revenues and expenses.
Article III
The following is hereby added to the text of article X of the mentioned Royal Decree 1/80:
This is with the exception of contracts and obligations relating to the investment and utilisation of the property of the fund, which must be signed in accordance with the rules determined by a decision by the Financial Affairs and Energy Resources Council.
Article IV
All that is contrary to this decree, or in conflict with its provisions, is hereby repealed.
Article V
This decree must be published in the Official Gazette, and comes into force from the date of its issuance.
Issued on: 28 Jumada Al-Akhirah 1421
Corresponding to: 27 September 2000
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 680 issued on 1 October 2000.